IXIS Corporate & Investment Bank v WestLB Ag & Ors

IXIS Corporate & Investment Bank v WestLB Ag & Ors

Despite factual and legal overlap, consolidation would be unfair to Nomura due to insufficient preparation time and risk to trial date; application was dismissed as case management and fairness outweighed risk of inconsistent findings.

Parties
Claimant: IXIS Corporate & Investment Bank; First Defendant: WestLB AG; Second Defendant: CIBC World Markets PLC; Third Defendant: Terra Firma Capital Partners Limited; Interested Party: Nomura International PLC
Jurisdiction
England and Wales
Judgment Date
18 July 2007
Procedural Posture
Commercial Court Application / Ruling on Application to Consolidate Proceedings
Outcome
Application dismissed
Legal Topics
Consolidation of Proceedings, Case Management, Negligence, Misrepresentation, Deceit
Civil Procedure Commercial Law Consolidation of Proceedings Case Management Negligence Misrepresentation Deceit

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Parties

IXIS Corporate & Investment Bank

Claimant

WestLB AG

First Defendant

CIBC World Markets PLC

Second Defendant

Terra Firma Capital Partners Limited

Third Defendant

Nomura International PLC

Interested Party

Procedural Posture

Commercial Court Application / Ruling on Application to Consolidate Proceedings

Legal Issues

  1. 1 Whether to consolidate IXIS proceedings with Second WestLB proceedings
  2. 2 Overlap of factual and legal issues between proceedings
  3. 3 Fairness and case management in consolidation

Ratio Decidendi

Despite factual and legal overlap, consolidation would be unfair to Nomura due to insufficient preparation time and risk to trial date; application was dismissed as case management and fairness outweighed risk of inconsistent findings.

Court Disposition

Application dismissed

Orders

  • WestLB's application to consolidate proceedings is dismissed.
  • Trial date of January 2008 is to be maintained.